Virtu Financial shares rise after Citi upgrades stock despite SEC lawsuit

Virtu Financial

14/09/2023 20:22

NEW YORK, Sept 14 (Reuters) -    ** Shares of Virtu
Financial Inc  VIRT.O  rose by as much as 9.8%, to a high $18.54
on Thursday after Citigroup analysts upgraded the
broker-dealer's stock following a recent civil lawsuit by U.S.
Securities and Exchange Commission
    ** VIRT tumbled 8.5% on Wednesday after the SEC filed a
complaint against the company in Manhattan on Tuesday, accusing
it of misleading customers into believing it properly
safeguarded their confidential information
    ** Citi upgraded VIRT to "buy" from "neutral", saying the
recent selloff in the company's stock as a result of the SEC's
lawsuit presents "an attractive entry point"
    ** The stock reaction to the SEC's suit is also "overdone",
Citi analysts said, adding that although the case could create
an overhang on VIRT shares for sometime any resulting fine or
settlement would be "financially manageable" 
    ** VIRT says it handles about 25% of all market orders
placed by retail investors in the U.S.
    ** VIRT shares are down more than 12% year-to-date and was
last up 5.7% to $17.86, on pace for its biggest one-day pct gain
of the year 
    

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
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